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January 8, 2013

  Top Story 
  Industry News 
  • Report: Commercial P/C rates rose 5% year-over-year in December
    Rates for property/casualty commercial lines insurance increased 5% in December over the same month in 2011, according to MarketScout. "This market turn is not like the last hard market of 2001 to 2005, when rates spiked up as much as 30 percent in the early stages," MarketScout CEO Richard Kerr said in a statement. "For the 2012 market turn, rates have adjusted slowly and steadily without any dramatic spikes," meaning that rate increases may occur "at a more sensible pace and for a longer period of time." PropertyCasualty360 (1/7) LinkedInFacebookTwitterEmail this Story
  • Stable outlook continues for P/C insurance industry, A.M. Best says
    The outlook continues to be stable for the property/casualty and reinsurance sectors, as well as the life insurance industry, A.M. Best said. P/C commercial lines still face a negative outlook, however, because of "competitive market conditions, less-favorable loss reserve development, depressed investment yields and sluggish economic growth," the ratings firm said. Insurance Networking News (1/7) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • N.Y. panel unveils recommendations for adapting to climate change
    New York should expand the types of policies sold by private insurers, strengthen electrical and natural gas systems, and revert part of its industrial shoreline to oyster beds to help mitigate weather-related damage, according to draft recommendations by a commission formed by Gov. Andrew Cuomo. "Research, practice, thought, conversation, debate and hard experience with disasters around the world ... form the bedrock of the recommendations in this preliminary report; many of which we can implement immediately, and all of which would ultimately save dollars and even lives," said Judith Rodin, the commission's co-chairwoman. The New York Times (tiered subscription model) (1/6) LinkedInFacebookTwitterEmail this Story
  Policy and Law 
  • House panel plans to tackle bill to privatize flood insurance market
    Rep. Jeb Hensarling, R-Texas, who will be chairman of the House Financial Services Committee, says the committee intends to consider legislation that would pursue a "transition to a private, innovative, competitive, sustainable flood insurance market." Last year's catastrophes "should be a wake-up call that we simply can no longer afford to encourage people to live in harm's way," said R.J. Lehmann of the R Street Institute. PropertyCasualty360 (1/7) LinkedInFacebookTwitterEmail this Story
  • NRRA wasn't intended for captives, outgoing lawmaker says
    The Nonadmitted and Reinsurance Reform Act "was never intended to include the captive insurance industry," departing Rep. Judy Biggert wrote in a letter to lawmakers. The law was designed "to create certainty in the tax treatment and regulation of the surplus lines and in the reinsurance industry," Biggert wrote. "Despite this very specific purpose, a couple of states are misinterpreting the application of NRRA's definition of 'Non-Admitted.' " Business Insurance (tiered subscription model) (1/7) LinkedInFacebookTwitterEmail this Story
  • NHTSA proposal seeks more noise from electric, hybrid cars
    The National Highway Traffic Safety Administration has proposed that electric and hybrid vehicles make more noise when moving at 18 mph or slower to warn pedestrians, bicyclists and people with visual impairments. The federal agency will take public comments for 60 days before crafting the final version of the proposed rule, which is required under the Pedestrian Safety Enhancement Act. The Washington Post/The Associated Press (1/7) LinkedInFacebookTwitterEmail this Story
  • 14.6% increase in workers' comp rates is OK'd in Del.
    Delaware Insurance Commissioner Karen Weldin Stewart has given her approval to raise workers' compensation rates by 14.6% on average. The change is expected to cost businesses $22 million less than the increase originally sought by the Delaware Compensation Rating Bureau, Stewart said. "I recognize that any rate increase in the workers' compensation system is going to be tough on businesses during this economic climate. The amended rates I approved were the best balance between the several considerations that bear on the workers compensation filing," Stewart said. Business Insurance (tiered subscription model) (1/7) LinkedInFacebookTwitterEmail this Story
  • Other News
  Association News 
  • PCI to host Information Technology Conference from Sept. 22 to 25
    Be a part of the largest information technology conference of its kind in the U.S., specifically designed for property/casualty insurance IT executives. Make your plans now to attend the 2013 PCI Information Technology Conference, scheduled for Sept. 22 to 25 in San Antonio. LinkedInFacebookTwitterEmail this Story
 
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  SmartQuote 
It is wise to keep in mind that neither success nor failure is ever final."
--Roger Babson,
American entrepreneur and business theorist


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